Currently, there are two different Republican tax reform proposals. The first version was introduced and passed by the House. Senate Republicans have laid out their own proposal, and on Tuesday the Senate Budget Committee voted to bring it to the full Senate for a possible vote.

The two tax plans will have to be reconciled into one before tax reform can be signed into law by President Donald Trump.

In the chart below, we ran the numbers to see how the Senate's tax plan would affect a single taxpayer. We assumed the taxpayer is childless and will claim the standard deduction in both 2017 and 2018.

Tax savings under Senate Republicans' tax plan

The estimates in the chart show how much single, childless taxpayers at different income levels who claim the standard deduction might save if the Senate's tax plan becomes law:

Differences exist between the tax brackets and other details in the Senate and House tax plans, which will ultimately have to become one plan before tax reform can be enacted.

The Senate's bill would allow single filers to deduct $12,000 — slightly higher than the current combined $10,400 deduction, which includes the standard deduction and one personal exemption. The House's bill proposes a standard deduction of $12,200. Both plans eliminate personal exemptions.

According to the most recent IRS analysis of individual tax returns, 70.4% of taxpayers claim the standard deduction on their tax return. Single Americans who claim the standard deduction would be able to reduce their taxable income slightly under both versions of the tax plan, in turn reducing their tax bill.

Most Americans will see a slight increase in their take-home pay under the current proposals, but that could change in the future as many of the provisions are set to expire after 2025. Some analysts have said that nearly half of Americans would see a tax increase at that time.